Hello all, sorry it has been a while since my last statistical update, but I promise I will catch up over the next week and get you back up to speed with the West Michigan Real Estate Market.
I figured I would start with the luxury homes market since that seems to be a pretty good gauge on the health of the market and money flow into the area.
For the areas from the southern Michigan border to north to Onekama, and all points in between along the lakeshore in 2014 we have seen 264 homes sold over $500,000 compared to an almost identical 265 homes sold in 2013, with an average sale price of $821,404 for those luxury homesin 2014, and an average of $871,845 in 2013, representing a 6% decrease in compared to last year. Average days on the market in 2014 was 216, and sellers took home an average of 92% of their asking price, while in 2013 those numbers were 236 and 93% respectively. Southwest Michigan, the areas comprising South Haven down to the Michigan border saw the largest number of sales with 137 luxury homes, and also had the highest average sale price at $864,662, just beating out the Holland/Saugatuck market which saw an average sale price of 846,403, but only 59 sales of over $500,000 in 2014, while in 2013, Southwest Michigan had the exact same amount of sales (137) but the average sale price was $910,019, a 5% drop in average sale price.
Not bad considering last year was an amazing year, and this year got off to a slow start with the long harsh winter. Check back for more Real Estate Statistics along Michigan's West Coast.